CAIRO - 3 October 2022: The Saudi Egyptian Investment Company - a subsidiary of the Saudi Public Investment Fund - acquired 34 percent of the Egyptian Retail Chain Company, B.TECH, for $150 million.
B.TECH is one of the largest distributors of home appliances in Egypt, and is 34 percent owned by the British Company Development Partners International (DPI).
The rest of the company's ownership belongs to the family of the Chairman of the Board of Directors, Mahmoud Khattab.
After this deal, the number of Saudi sovereign fund deals in Egypt increases to 5, with a total investment of $1.450 billion.
DPI acquired about 34 percent of B.TECH shares in July 2016 for about $34 million.
B.TECH seeks to increase its revenues by about 30 percent this year, to reach LE 11 billion, with an increase in the number of its branches to about 153 branches by the end of December.
The company was able to attract foreign investments to contribute to its ownership structure in 2017, by signing a partnership contract worth LE 300 million, with the English Development Partners International, one of the largest specialized financial investment companies in Africa, which managed a business portfolio of $1.1 billion at that time.
Last August, the Saudi Egyptian Investment Company acquired state-owned minority stakes in four Egyptian companies listed on the Egyptian Stock Exchange, at a value of $1.3 billion.
The companies in which the minority stakes were acquired are Abu Qir Fertilizers and Chemical Industries Company, Misr Fertilizer Production Company, Alexandria Container and Cargo Handling Company, and e-finance for financial and digital investments.